Making your startup’s bank balance fighting fit again

Ouch, you yell as you stare at your bank account, that ain’t a healthy looking amount.

If you’re a budding startup, your finances are probably constantly teetering on the brink as you balance the needs of your business with that of your bank account.

Indeed, your balance has plenty to fear if you can’t find funding for your little startup gem. But, what avenues are open to you to keep that startup afloat AND stop ATMs weeping every time you pass them by?

Alternative funding

Nowadays, you’re not just limited to negotiating with bank managers when it comes to loans and funding. Since the 2008 financial meltdown, numerous alternative funding measures like crowdfunding, equity crowdfunding and invoice factoring have crawled from obscurity and into public favour.

With these measures, you’re more likely to gain finance away from overcautious banks, giving you the cash you need in the time you need it.

Find a partner who’ll stay quiet

You know how it is – you’ve been beavering away at a project, only for some irritant to come along and take over the reins. And, really, it’s a reasonable worry if you’re a lone business owner.

However, finding a business partner can give you extra ideas as well as extra cash. If you’re not after someone who’ll chip in with comments, queries and ideas, then your best bet is to vie for a silent partner who’ll keep their mouth shut and let you keep those reins all to yourself.

Make your business plan a corker

Business plans are always a bit of a nightmare to write. Just imagine having to boil down all your hopes, dreams, ambitions and end-goals into one concise document.

But, if you can’t sum up your business effectively, then it’s probably not a very good one to begin with. An effective entrepreneur can pick out the key points of their company and show how it can be successful.

So, if you want to win over those fence-sitting funders, make your business plan pop with snappy, promising concepts and fantastic ideas.

Get the government in on the job

While it means jumping your business through a lot of hoops, the government are always happy to dole out loans or grants to companies who they believe can give the economy a boost. The ideal way to do this is to make your remit match the wants of the current government.

This can mean bending a few of your plans to meet grants halfway – you might have to take on fresh UK graduates or focus your research on a specific field, for instance – but the financial rewards are ultimately worth the effort.